Attention Traders! These Two Ethereum-Killers Poised to Break Out This Week

The markets appear to have been trying very hard to be stabilized at the earliest as the LUNA foundation FUD appears to have eased out. And hence, the crypto space is expected to recover slowly yet steadily. As LFG released a statement documenting its actual holdings, the markets witnessed a sign of relief. Therefore as …

Timeline of Ethereum

The price of Ethereum (ETH) is falling as it faces rejection at the $2,200 resistance zone. In the last three days, buyers pushed the Ether price to the previous highs. The Ether price tested the $2,200 resistance level again, but failed to overcome it.

Amid the crazy week in the world of cryptocurrencies and the Bitcoin network's mining difficulty reaching a lifetime high at 31.25 trillion, Ethereum's hashrate tapped an all-time high on May 13, at block height 14,770,231. Cryptocurrency miners continue to dedicate large quantities of processing power toward the second-largest crypto network in terms of market capitalization.

Last week the Ethereum(ETH) price witnessed a dramatic fall which plunged the altcoin below the $2165 support. As a result, the altcoin registered a 39% fall within a fortnight, and the recent fallout threatens further downfall.

Ethereum, like most cryptos in the industry, is yet to recover from the stormy market conditions of the past week. At the time of writing, for instance, ETH was trading at $2,028, well below its ATH less than a year ago.

Ethereum price analysis is bullish today as we have seen failure to move any lower and steady return above the $2,000 support. Therefore, ETH/USD is likely headed even higher towards the $2,200 resistance.

Since the sharp drop in the crypto markets three days ago, Ethereum was able to recover about 14% from its lowest level at $1,800. However, the daily candlesticks structure remains weak.

Early on May 15, the global crypto market cap remained unchanged at $1.28 trillion. This week, the price of Bitcoin, the world's largest cryptocurrency, fell to roughly $25,420, its lowest level since December 2020. Bitcoin has lost around 37% of its value this year. Ethereum (ETH) is currently trading at a 10-month low, along with …

Ethereum price trades in a very tight range with no clear directional bias on Saturday, although bias remains negative. The ETH buyers struggle to sustain the gains at higher levels.

Yuga Labs, the company behind the Bored Ape Yacht Club non-fungible tokens (NFT), caused the Ethereum network to crash temporarily after a sale of metaverse plots of land overwhelmed the blockchain. Some 55,000 plots were sold for an upcoming multiplayer metaverse game called Otherside, with each plot sold at £4,500 or 305ApeCoin, a currency created by the company.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Data from Santiment showed a dramatic increase in transaction volumes for Ethereum in the past two days. Moreover, the number of addresses at a loss on the Ethereum network reached a new ATH, which was